Bank of Ireland Representatives. Phone * Preferred Contact Time. The risks of a home reversion scheme. This guide explains what you need to know about releasing equity from your home - from the pros and cons to how to do it. The main disadvantage of a home reversion scheme is that you will only receive (usually) a maximum of 60 per cent of the market value of your home, and often much less (as little as 30 per cent). If you’re a homeowner aged 55-85 you could release tax-free cash from your home without having to move. Equity release plans, such as the lifetime mortgage, enable you to release some of your home's value. If you release equity from your home, you might not be able to rely on your property for money you need later in your retirement. Equity release is a way of unlocking some of the value of your home and turning it into a tax-free, cash lump-sum. You might want to enjoy your retirement, go on the holiday of a lifetime or simply supplement your pension. An equity release application usually takes between 4 to 6 weeks for a lifetime mortgage (the most popular type of equity release plan) and 6 to 8 weeks for a home reversion scheme, assuming the title on the house is clear. Phone; Email; By proceeding you agree to terms of business and privacy policy. Security and insurance are required. How borrowing on home equity works. Bank of Ireland: Aisling. If you are over 60, own your own home and are looking to free up some cash, then an Equity Release Scheme is an option for you. The most popular plan is a lifetime mortgage - where the homeowner retains ownership of the property but the property is charged with the repayment of a loan or mortgage, which accrues rolled-up interest over the period of the homeowner's lifetime. Most types of Equity Release are available when you reach age 55. If you’re over 55 and you own your own home, equity release could help you unlock your cash tied up in your home and enable you to enjoy a more comfortable retirement. If you wanted to release this equity to buy another property, you could potentially borrow up to £475,000, which would provide you with £275,000 for the purchase and take your LTV to 95%. Response Time. Home is where we all enjoy spending time, its where our special memories are made, but it is also where a large portion of earnings are spent on over the years. There’s a lot to think about if you’re new to Equity Release. Advantages of a remortgage include releasing equity in your house to do home improvements but also allow you save on repayments with lower interest rates when you refinance. Equity release plans allow you to borrow against your home (you'll see I avoided the word release) either by a lump sum or as a regular income. You take out an Equity Release to top up an existing mortgage with us; You take out a Buy to Let mortgage to buy an investment property; You buy your first home, move home or switch your mortgage to us and you are not a Bank of Ireland current account customer; And you draw down your new mortgage between 5th September 2016 and 31st December 2021. Older people could be eligible for equity release loans for the first time in 10 years under new proposals by AIB. Email . Name * First Name Surname. Response Rate. Research in 2016 revealed that single first-time buyers now need to save for an average of 13 years to accumulate enough money to put down a deposit on a home. Equity Release is when you release tax-free cash from your home. Your home equity goes up in two ways: as you pay down your mortgage; if the value of your home increases; Be aware that you could lose your home if you’re unable to repay a home equity loan. How can I apply for a top-up or equity release? For what reasons can I take out an equity release mortgage on my home? The 2% Cashback Mortgage Offer is not … 86%. View first unread. Equity release lending for cash-strapped older homeowners is set to resume for the first time since the financial crash after specialist mortgage provider Seniors Money secured financial backing from An equity release lifetime mortgage adds the monthly interest charges to the amount borrowed and is repaid when the property is sold. Until then, you’ll remain a homeowner with no need to move out. Buyers in London must save even longer … What is equity? ‘EQUITY Release’ is one of those magical terms steeped in the probability of getting it badly wrong. It might come as a surprise, but you can actually get access to your equity simply by remortgaging for a higher amount than is left on your current mortgage. 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